Bank Makramah’s net assets to increase by Rs29.39bn

KARACHI: The Bank Makramah Limited’s (BML) board of directors has approved a comprehensive scheme of arrangement aimed at bolstering the bank’s capital base, a statement said on Thursday.

The scheme is subject to regulatory, corporate, and shareholder approvals and the sanction of the Islamabad High Court.“This transformative restructuring, which demonstrates the sponsors’ unequivocal commitment to the bank’s future, involves the amalgamation of Global Haly Development Limited (GHDL) into BML, resulting in a substantial increase in the bank’s net assets by approximately Rs29.39 billion,” the bank said in a statement.

“This move will significantly enhance the bank’s financial standing and position it for sustained future growth,” it added.The restructuring scheme also includes the issuance of fully paid ordinary shares to GHDL shareholders, as well as the redemption of term finance certificates along with accrued profit. Furthermore, the bank will streamline its capital structure by reducing its share capital through the cancellation of shares that are not represented by available assets, ensuring enhanced financial stability.

Chairperson of the Board of Directors Abdullah Nasser Abdulla Hussain Lootah emphasised the sponsors’ unprecedented commitment to the bank, stating, “This restructuring reflects our unwavering dedication to the bank’s transformation and long-term success. It positions us to enhance shareholder value and meet the evolving needs of our customers.”